Ohio Debt

Ohio Bankruptcy

If you are considering filing for bankruptcy, then you must know the despair that comes with owing large amounts of money in a seemingly helpless situation. It is possible that bankruptcy is the best solution for you. Alternatively, perhaps your situation is not as dire as you think.

When Bankruptcy May Be Best

There are two main factors that can make bankruptcy more appealing.

  1. Substantial collections debt: When you owe large amounts of money, and your creditors have turned over your debts to outside collection agencies, then you may need protection from those creditors. Getting legal advice from a licensed attorney may be a good option in this case.
  2. Serious budget deficit: After preparing a budget and you see that your expenses exceed your income even before you make your first debt payment, then you might need legal help.

If your household qualifies as a low income household, then you may be able to get free legal help from Legal Services Corporation.

When Alternatives May Work

Alternatives to filing for bankruptcy may include self-directed strategies, debt management through a nonprofit credit counseling provider or even debt settlement. Debt settlement tends to have very limited success and can be very costly in terms of fees and extra income tax liability.

Debt management may be able to utilize relationships with major credit card companies to provide you with lower interest rates and reduced monthly payments. These benefits may be extended even while allowing you to repay your debt in a much shorter period of time.

Self-directed strategies can work if you still have decent credit, some discretionary surplus income and the discipline to aggressively repay your debt balances. Credit counselors can help you evaluate your situation as well as your available options so that you can decide how you would like to resolve your debt situation. If you want to see what options you have, call for your credit counseling session.

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